| PROPERTY FOR SALE IN THE SOUTH OF FRANCE – LEASEBACK PROPERTY AND TAX ISSUES | Property for sale in the South of France is being snapped up faster than it can be built with Nice, Perpignan and Cannes topping the popularity chart.
One way to buy a property for sale in the South of France is a leaseback property guaranteeing an income and allowing for unlimited use of the property for personal holidays, whilst eliminating maintenance costs.
The only downside to this purchase method is there is a 19.6 percent VAT charge payable at the time of purchase, however this can be recovered after six months. You can usually add this to your mortgage but it is worth discussing this with your lender.
Another tax to be aware of is Local Community Tax payable by the occupier on 1st January every year, regardless of planned sale within the following year.
Helpfully however, the UK and France have a duel taxation treaty in place meaning you do not have to pay tax on rental income twice. But as you already know, the taxman won’t chase you to tell you you’re overpaying so make sure you run all your taxation through a professional.
Finally, make sure you plan your money transfer to get the best rate possible. Special money transfer agencies are available to help you get the most for your money. This is the case for other monies as well. If you buy a property for sale in the South of France and plan to live there, transferring a regular income, such as a pension, I is worth speaking to a specialist money transfer agency to ensure you continue to get a good deal on transfers throughout the year.
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